Daily News Wrap-Up: GUVNL’s 500 MW Solar Auction Results

Government proposes changes to performance security for mineral block auction

December 28, 2023


SJVN Green Energy, Hinduja Renewables Energy, Avaada Energy, and Solarcraft Power India 5 (Blupine Energy) won Gujarat Urja Vikas Nigam’s auction to purchase power from 500 MW of grid-connected solar power projects (Phase XXII) to be set up anywhere in India, with a greenshoe option of an additional 500 MW. SJVN won 100 MW, quoting ₹2.63 (~$0.0316)/ kWh. Hinduja won 140 MW at ₹2.64 (~$0.0317)/ kWh. Avaada won 100 MW and Blupine 50 MW, respectively, both quoting ₹2.65 (~$0.0319)/ kWh. Only 390 MW out of the total tendered capacity was auctioned.

The Ministry of Mines has proposed changes to the Mineral (Auction) Rules, 2015, to cap the amount of performance security and upfront payments payable after winning the rights to extract minerals. The move addresses concerns regarding financial barriers that might impede bidder participation in auctions of critical minerals. Stakeholders must submit their comments by January 19, 2024. The ministry has identified certain mineral blocks, particularly those rich in critical and strategic minerals, with high value of estimated resources.

Saurya Urja Company of Rajasthan (SUCRL) has invited expressions of interest to empanel land aggregators or facilitators for acquiring private land on lease for a 700 MW solar park. The last date for the submission of bids is January 5, 2024. Bids will be opened on SUCRL, a joint venture between the Government of Rajasthan and IL&FS Energy Development Company, which was established in 2015 to develop 5,000 MW of solar parks in Rajasthan. The company has already developed a 1,000 MW solar park in Bhadla III.

Indian Oil Corporation has invited bids for the operation and maintenance (O&M) of an existing 1.1 MW solar power project at Indane Bottling Plant, Devanagonthi village in Bengaluru Rural district in Karnataka. The project is valued at ₹1.3 million (~$16,172) for one year, including 18% GST. For a complete O&M duration of three years, the total value is ₹4.03 million (~$48,449.2), including 18% GST. The last date for submission of bids is January 6, 2024. Bids will be opened on January 8.

Karnataka Electricity Regulatory Commission (KERC) has approved the group captive status of a 38 MW wind power project for Four EF Renewables, a special purpose vehicle of Ampyr Energy. The petitioner can claim group captive status from May 24, 2021. The petitioner is entitled to a banking facility from August 24, 2021, confirmed by a supplemental agreement on May 23, 2022. However, KERC ruled that Four EF Renewables will not be entitled to compensation for power injected without open access from December 6, 2020, to February 23, 2021.

India-based digital lending platform Revfin has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries. Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva. This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).